Tim Burke expresses his outrage at the oversized sense of entitlement reflected in Jake DeSantis’ letter of resignation from AIG. Next, two commentators show up and demonstrate not only a sense of entitlement, but a total disconnect from the way the economy works for most Americans, that makes DeSantis look like Francis of Assisi.
All worth reading, except for my own comment. Tim wrote a better one, apparently at the same exact time I crafted mine.
And just complete the nationalization process.
In return for the bailout, the government took an 80 percent ownership stake in the company. Liddy was recruited by former Treasury secretary Henry M. Paulson Jr. to run the company. Since then, the rescue package has ballooned. But both the Bush and Obama administrations have been reluctant to completely and explicitly nationalize the company, though this could have avoided the current flap over bonus payments….
I know the administration is worried about the political backlash, but the backlash will ultimately be worse if they don’t do it.
Or sic Robin Hood on ’em.
If I were to speculate on what circumstances might lead to a significant curtailment of central bank autonomy in the United States, I imagine I would come up with a scenario that looks something like this one. If Josh Marshall’s informant is right, it might be pitchfork time for the Federal Reserve:
Josh, your reporting on the AIG credit default swap/counterparties issue has been spot-on. But to understand what happened there, you have to understand the Fed’s “Maiden Lane” vehicles and how it’s used them to avoid what Congress intended with TARP, which was the real story that came out of Dodd’s hearing on the AIG mess today. And the roots of it go back to the Bear Stearns rescue last year.
Image source: https://www.finestprospect.org.uk/Mediaeval/Med.htm